Inframax announces $1.2 million shareholder dividend

Inframax Construction Limited has announced total dividends of $1.2 million to shareholder Waitomo District Council for the 12 months ending 30 June 2026, following a strong financial result.

The company’s audited financial statements for the year ended 30 June 2026 were formally presented to Waitomo District Council at Inframax’s Annual General Meeting on 27 October 2026.

Board Chairperson Hugh Goddard (pictured) said the result was particularly pleasing given the challenging conditions experienced across New Zealand’s civil construction and infrastructure sectors.

“Constrained workloads, highly competitive tendering and uncertainty around the timing of infrastructure investment made this a demanding operating environment,” Mr Goddard said.

“To deliver a result well ahead of our Statement of Intent targets in these conditions reflects the underlying strength of Inframax, the quality of our people and the disciplined approach management has taken to project selection, risk and operational performance.

“The excellent operating cash flow result, together with our net debt position, demonstrates the strength of the company’s financial position.

“This financial strength provides capacity to continue investing in our people, plant, systems and organisational capability while maintaining financial resilience and delivering sustainable value to our shareholder.”

The Board confirmed at the AGM that total dividends relating to FY2026 amount to $1.2 million, comprising the $200,000 interim dividend paid on 30 June 2026 and a further $1 million to be paid in November 2026.

Mr Goddard said the dividend reflected the Board’s focus on delivering an appropriate return to the shareholder while maintaining a strong balance sheet and ensuring Inframax retains the financial capacity to invest in its future.

“Inframax has a proud history of delivering value to the communities in which we operate, through the essential infrastructure services we provide, the employment opportunities we create for local people, the local subcontractors and suppliers we engage and support, and our ability to respond when severe weather events impact our region.

“This contribution extends to supporting local community groups and events through Inframax sponsorship, reflecting our commitment to the communities we serve.

“It is particularly pleasing to see that value now extending to a direct financial return to our shareholder, Waitomo District Council. This demonstrates the strength of Inframax as a commercially successful, community-focused business that delivers benefits well beyond its financial performance.”

Community asset

Speaking on behalf of the shareholder, Waitomo District Council Mayor John Robertson praised the Board, management and staff of Inframax for the result.

“Inframax plays an important part in our community, being available to attend to storm events and undertaking much of the maintenance work on our roading network. It operates in a tough and competitive industry.

“In recent years the company has shown consistent financial performance. The performance is such that the company can now pay dividends to its shareholder. A dividend totalling $1.2 million is significant for our Council.

“I thank the Board on behalf of our Council for its leadership.”

Strong leadership

Mr Goddard acknowledged the contribution of Chief Executive, Vesta Gribben, the management team and all Inframax employees, together with the company’s customers, subcontractors and suppliers and shareholder.

He also acknowledged the contribution of fellow directors - Janie Elrick, Chris Ryan and Jonathan Kay, and thanked Earl Rattray, who retired from the Board during the FY2026 financial year, for his longstanding service and leadership.

“Earl’s stewardship played an important role in building the strong foundations Inframax has today, and on behalf of the Board I thank him for his significant contribution to the company,” Mr Goddard said.

“The Board enters the new financial year confident in the strength of the business and focused on continuing to grow long-term shareholder value. With a healthy balance sheet, prudent debt levels, capable leadership and dedicated people, Inframax is well positioned to continue delivering essential infrastructure services for our customers and communities.”

Financial performance

Inframax recorded revenue of $43.6 million and profit before tax of $3.7 million. Net profit after tax was $2.66 million, an improvement of $2.1 million on the previous year.

The company delivered operating cash flow of $5.7 million, an improvement of $4.5 million on the prior year. At year end, net debt was $313K, compared with $4.7 million at 30 June 2025. The company ended the year with an equity ratio of 59% and remained within its banking covenants and the additional financial headroom targets established by the Board during the year.

--ENDS--